As a business coach, I encourage my clients to engage in strategic planning for their businesses on a regular basis. Most businesses have an idea of the goals they would like to achieve for the year, but many don’t translate those goals into a blueprint for how they are going to achieve them.
As you begin a new fiscal or calendar year, it’s time to take stock. What have you achieved in the past year? Did you hit your targets? What do you need or want to do next year to achieve the next steps toward your 3 year vision for your business?
It’s time for a profit planning session. Let’s say you want to grow your company by 20% in 2020. Where do you plan to get the additional business? Will you need more infrastructure in terms of people, processes or equipment to make it happen? How will your marketing need to increase or change in order to realize your plan?
Once you’ve answered those questions, it’s time to put a detailed budget together that will guide you on when you need to start taking action on marketing activities or hiring that new employee.
Need some help getting started on your Profit Plan? Attend my free webinar on Creating your 2020 Profit Plan on January 23rd at 1 PM PST.